“EUR/JPY’s
rapid bounce off its current April low at 121.71 has taken it to the 55
day moving average at 125.38 which caps for now. Above it the three
month resistance line can be seen at 126.63. Further resistance comes in
at the 127.27/128.22 mid- and late March highs”.

“Immediate short term bullish pressure will be maintained while above the 123.36 April 21 low”.

“Currently
unexpected failure there would put the 122.08/121.71 area back on the
map. It is where the March and April lows were made. Only failure at
122.08/121.71 would target the 120.00 region”.